1. Medium and Large Corporates
  2. Cash Management
  3. Receivables Management
  4. Virtual Account

UOB Virtual Account

Timely and accurate information is the key to efficient accounts receivable (AR) management. With UOB Virtual Account solution

  • You can streamline and automate your AR reconciliation more effectively.
  • End-to-end solution enables you to quickly identify all incoming remittances from your clients regardless of the payment type and currency.
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Key Feature

  • The bank assigns a range of virtual account numbers for you to provide to your clients for their respective payments to you. Alternatively, you can decide the range of virtual account numbers to your clients to be set up at the Bank e.g. using customer number as part of the virtual account number.
  • Your clients make payments to you through either manual or electronic payment channels, they will indicate the virtual account numbers assigned to them as the crediting account numbers.
  • Upon receiving these payments, the bank will link the virtual account numbers to your UOB bank account for the account crediting. The respective virtual account numbers corresponding to your clients will be shown in your bank statement enabling you to identify the payers and ease for your AR reconciliation

Benefit

  • Streamline AR reconciliation through effective payer identification.
  • Reduce Days Sales Outstanding (DSO) led to improved working capital.
  • Improve relationship with your clients and fasten the process of your clients’ credit facility
  • Support Thai and foreign currency payment
  • Conveniently get effective reconciliation

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